Transcribed

Oil rises as Middle East worries offset US crude stock buildup

Apr 11, 2024 · 6m 54s
Oil rises as Middle East worries offset US crude stock buildup
Description

Oil prices experienced a rise on Wednesday, reversing the downward trend of the past two days. This increase was influenced by the ongoing uncertainty around the ceasefire talks in Gaza,...

show more
Oil prices experienced a rise on Wednesday, reversing the downward trend of the past two days. This increase was influenced by the ongoing uncertainty around the ceasefire talks in Gaza, which has heightened worries about the stability of oil supplies from the Middle East. The concerns counteracted the impact of a larger-than-anticipated rise in U.S. crude inventories. Brent crude futures saw a modest climb, with prices up by 25 cents to $89.67 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 24 cents to $85.47 per barrel. Despite the geopolitical tensions stemming from the conflict in Gaza, prices remained around 1.7% lower than at the end of the previous week. The ongoing strife in Gaza, coupled with the potential for the conflict to escalate and draw in more regional actors, mainly Iran, poses a significant risk to the oil supply. Meanwhile, in the U.S., crude stockpiles rose more than expected, further complicating the market dynamics. However, analysts suggest that multiple factors, such as developments in the U.S. economy or further escalations in geopolitical tensions, could rekindle an upward trend in oil prices.

- Rising oil prices amidst Middle East tensions
- Impact of U.S. crude stockpile increase on oil markets
- Ongoing Gaza ceasefire talks and geopolitical uncertainty
- Potential escalation in the Middle East affecting oil supply
- Analyst forecasts and market reactions to global events
show less
Information
Author Spod Media LLC
Organization Spod Media
Website -
Tags

Looks like you don't have any active episode

Browse Spreaker Catalogue to discover great new content

Current

Podcast Cover

Looks like you don't have any episodes in your queue

Browse Spreaker Catalogue to discover great new content

Next Up

Episode Cover Episode Cover

It's so quiet here...

Time to discover new episodes!

Discover
Your Library
Search